RismadarVoice Reporters
August 23, 2026
Nigeria’s listed energy companies recorded a combined revenue of about ₦2.57tn in the first half of 2026, with Seplat Energy accounting for the bulk of the earnings.
Seplat Energy recorded revenue of $1.82bn, equivalent to about ₦2.37tn at an exchange rate of ₦1,300 to the dollar, representing a 30 per cent increase from the $1.40bn recorded in the corresponding period of 2025.
The oil and gas company attributed the growth to increased production and stronger commodity prices.
Its average production rose by four per cent to 139,509 barrels of oil equivalent per day, while second-quarter production increased by nine per cent to 149,070 barrels of oil equivalent per day.
Seplat’s gross profit also rose by 68 per cent to $815.9m, while earnings before interest, tax, depreciation and amortisation increased by 28 per cent to $938.6m.
Operating profit climbed by 69 per cent to $655.9m, while profit before tax nearly doubled to $574.9m.
Profit after tax recorded the biggest increase, rising by 498 per cent to $164m, compared with $27.4m in the first half of 2025.
The company also repaid $200m of its outstanding $300m Advance Payment Facility during the period, reducing the balance to $100m.
Meanwhile, electricity generator Geregu Power recorded a sharp decline in revenue, which fell by almost 79 per cent to 18.66bn, compared with ₦87.63bn in the same period of 2025.
Its gross profit declined by 81 per cent to ₦6.93bn, while profit after tax dropped by 88 per cent to ₦2.50bn.
The company’s performance came amid concerns over its ₦40.09bn Series 1 Senior Unsecured Bond. Geregu had briefly defaulted on an eighth coupon and fourth principal payment before settling the outstanding ₦6.03bn obligation.
Transcorp Power also recorded a decline in revenue, posting ₦181.96bn in the first half of 2026, down 11.6 per cent from ₦205.81bn a year earlier.
Despite the lower revenue, the company recorded a gross profit of ₦69.82bn and profit before income tax of ₦54.99bn.
The company’s total assets rose by 8.9 per cent to ₦613.42bn as of March 31, 2026, while total equity increased by 17.2 per cent to ₦214.96bn.
Transcorp Power also disclosed about ₦72.2bn in interest arising from delayed payments under its Power Purchase Agreement with Nigerian Bulk Electricity Trading Plc, although the income was not recognised pending a firm government commitment.
Overall, the results highlight a sharp contrast in Nigeria’s energy sector, with Seplat Energy benefiting from higher oil and gas production and stronger commodity prices, while power generators Geregu Power and Transcorp Power faced weaker revenue performance.
